Identity theft: Not just in the movies

12 February 2018
by
National Bank

When you hear "identity theft," do you think of someone in
a ridiculous wig and oversized sunglasses pretending to be someone else?

It might be funny on the big screen, but when identity theft happens
in real life, it's a lot less theatrical. With enough of your personal
information (first and last name, address, date of birth, social
insurance number, phone number, etc.), a scammer can carry out bank
transactions in your name, or use your money to buy the latest video
game console or a new wardrobe. There's nothing funny about it.

Here's what to do if it happens to you:

1 - Take a deep breath, and find a paper and pen

First of all, don't panic (easier said than done). There's a lot you
need to do and it's important to be thorough and methodical. Keep
track of EVERYTHING you do, including the names of the institutions
and people you contact, the date and time of your call, the
information received and any confirmation numbers you receive. You
should also check if you have access to assistance in case of identity
theft, or if coverage is included with your home insurance. Insurance
policies often include a clause in case of identity theft, providing
access to specialized assistance and, in some cases, a lawyer’s
services. You may be able to claim some legal fees or costs involved
in restoring your identity.

2 - Review your banking transactions

Next, go over all the activity in your bank and credit card accounts
to identify any fraudulent transactions, and notify ALL the financial
institutions involved. If an account has been compromised, the bank
will let you know how to replace your cards, secure your account and
get a refund, if applicable. If there doesn't appear to be any
suspicious activity in your accounts, the bank will usually include a
note on your file to warn of potential fraud.

Change all your PINs as well as your passwords for your email,
social media and online banking accounts, since they're often linked.
And whatever you do, don't use 1-2-3-4-5!

3 - Call the police

Reporting the theft will help you prove that the transactions
carried out in your name are fraudulent (and may help the police catch
the perpetrator).

4 - Notify the credit bureaus

The next step is to notify the two major credit bureaus,EquifaxandTransUnion, of the identity theft. They'll
include a "Fraud Warning" on your file so that any time a
credit request is made in your name, you'll be contacted by telephone
to make sure the request comes from you. You can also obtain a copy of
your credit report so you can review any activity on your file.

5 - Fill out an official form

Lastly, if your ID has been stolen (e.g. passport, driver's license),
contact the appropriate government agencies to report the situation
and find out how to proceed.

6 - Stay alert

Once you've taken all the necessary steps, keep a close eye on your
affairs. Someone who applies for government assistance in your name
and has the money deposited to their account is a lot harder to detect
than someone who drains your bank account. Read your mail carefully,
even letters from institutions you don't do business with. If someone
is using your name, a letter could be the first sign. The fraud alert
you've placed with the credit bureau will also ensure you receive a
call anytime a request is made in your name.

Protect yourself against identity theft

After reading this article, you're probably crossing your fingers and
hoping it never happens to you. (When it comes to unexpected life
events, wouldn't we all rather win the lottery than fall victim to
identity theft?)

Luckily, there's a lot you can do to reduce the risk of having your
personal information stolen. To use your identity, scammers need
access to your personal information. Protect it well!

Here are some tips:

Never provide information by email (access codes, PINs, phone
numbers, social insurance numbers) and never open an attachment
without being 100% sure of the source. It could contain a virus that
allows a scammer to access the information on your computer. (That
aunt of yours who still forwards chain letters in 2018? Send them
straight to your junk folder. She may be transferring harmful
attachments without realizing it.)

Every time you give out personal information, make sure you know
who you're giving it to. Check whether they really need the
information—does a landlord really need your social insurance number
to rent you an apartment?

Watch out for social media! Displaying your birthdate on Facebook
means you'll get a lot of "happy birthday" messages, but
it also makes things easier for scammers. It's better to not to
include it in your profile, at least not in full. It may seem like a
no-brainer, but posting the picture page of your passport to
announce your upcoming vacation is also big no-no. If you haven't
already, change your settings so your profile is only visible to
your friends.

If you need to provide confidential information, do it over the
phone (by calling the number yourself), rather than by email. The
less personal information you put online, the better.

Only carry the cards you actually need—replacing a wallet full of
cards is a real hassle. Keep track of your wallet when you're out.
Don't keep it in your coat pocket on the back of your chair at a
restaurant, for example. A pickpocket will have no trouble making
off with it.

Cut up any expired identity documents or cards into pieces (not
just in half!) before throwing them out. Shred or tear up your
personal mail. You want to make it as hard as possible for someone
to get their hands on your information. It's also a good idea to put
a lock on your mailbox to prevent any neighbours from stealing your mail.

If you don't have a passcode lock on your cell phone, set one up
ASAP—your phone is a gold mine of personal information. Better yet,
if it's an option, set up fingerprint or facial recognition to
unlock your phone.

Despite all these precautions, you may still fall victim to identity
theft. Consider signing up for an assistance service or home insurance
that includes support in case of identity theft. After all, identity
theft is something that just happens to other people...until it
happens to you!

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